GEOG 1410 Lecture 28: GEOG 1410 Lecture 3

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GEOG 1410
January 18, 2018
Globalization: Its Economic-Geographical Impacts
Your wage is dependant on the market.
In developing countries, poorer countries support globalization and have benefited from
globalization.
Global inequality
The wealth of 475 world billionaires = total income of >50% of the world
Job situations are extremely bad
The transnational capitalist class
Average income of people has been rising, but unequally distributed!
Decline of developed world middle class
Support of Trump and Brexit is cause of flatlined middle class
Enormous inequality in The US
US is one of the most globalized countries
Proletarianization of the “Middle class’
Political expression in the election campaign: Sanders
Middle class is shrinking
Economic Development related impacts
Increase in global productivity
Knowledge/technology diffusion
Competition between MNCs and local companies and among local companies
Health, robotics, humanities
Geographically uneven distribution of productivity
If you cannot produce at a competitive price, go out of business
Capital export from richer countries - industrialization in some less developed
countries - cheaper imports of relatively labour intensive manufactures into richer
countries
Potentially releases labour for high productivity jobs
Wages lower than otherwise because of cheaper imports
Increases profits for businesses
Potential for productive investment of profits
Women working at home contribute 1 trillion to the economy?
Jobs that require more skill and education
Wages in Canada and US are cheaper than they otherwise would be
Chinese government is saying they are supporting low wage income people in the
developing world
China is producing commodities so cheap that anyone can afford, where
otherwise the cost of production would be too high
Exports from selected less developed countries
Rise in income of specific segments of population
Demand for
Consumer goods and services from richer countries
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Document Summary

In developing countries, poorer countries support globalization and have benefited from globalization. The wealth of 475 world billionaires = total income of >50% of the world. Average income of people has been rising, but unequally distributed! Support of trump and brexit is cause of flatlined middle class. Us is one of the most globalized countries. Political expression in the election campaign: sanders. Competition between mncs and local companies and among local companies. If you cannot produce at a competitive price, go out of business. Capital export from richer countries - industrialization in some less developed countries - cheaper imports of relatively labour intensive manufactures into richer countries. Potentially releases labour for high productivity jobs. Wages lower than otherwise because of cheaper imports. Jobs that require more skill and education. Wages in canada and us are cheaper than they otherwise would be. Chinese government is saying they are supporting low wage income people in the developing world.

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